I want to buy the toyota 86 but i don't know if it is a good idea financially?

I really wanted this car ever since i saw it at the auto show. I really love small sporty cars. However, I only work minimum wage and make less then $20k a year. But i do live with my parents so i have no expenses. I also have about $10k for a
downpayment. Do you think it would be a bad idea financially to buy... show more I really wanted this car ever since i saw it at the auto show. I really love small sporty cars. However, I only work minimum wage and make less then $20k a year. But i do live with my parents so i have no expenses. I also have about $10k for a
downpayment. Do you think it would be a bad idea financially to buy this car as it costs $27k?

I wouldn't stress too much about it. You're NOT financing a car. Lenders will not even consider a deal in which your income is less than $1700-$2000 per month, nor will they consider a car that costs more than you make in a year. Even if they would (they won't), the reality is that even with $10,000 down, you would barely be able to afford the payment and full coverage insurance. Then there's gas, maintenance, upkeep, etc. In addition, the fact that you live with your parents is NOT a good thing. A lender will simply assume that you'll move out over the next 4-6 years, and they will figure an average amount for rent when they look at your loan application.

Bad Idea?
1. How long to you want to live under you parents roof (and be that creepy guy living in the basement?)
2. With all the hot chicks it will attract (why else would you want it), where are you going to take them to have sex (see question 1 and 3).
3. After exorbitant insurance costs, payments, fuel and maintenance costs how much non-discretionary income will you have left for hotel rooms?
4. Financially not a sound decision, but being responsible and prospering is not easy (BTW good on your for saving 10k that is a great down payment on an asset, real estate, stocks, mutual funds, that appreciates NOT depreciates).

Add your answer

I want to buy the toyota 86 but i don't know if it is a good idea financially?

I really wanted this car ever since i saw it at the auto show. I really love small sporty cars. However, I only work minimum wage and make less then $20k a year. But i do live with my parents so i have no expenses. I also have about $10k for a
downpayment. Do you think it would be a bad idea financially to buy this car as it costs $27k?